Allahabad Bank sanctions Rs 1003 crore MSME loans

Kolkata: State-run Allahabad Bank on Wednesday said it has sanctioned Rs 1,003 crore in loans to 8,289 beneficiaries for micro, small and medium enterprises (MSME) through a special drive.

"The bank organised a mega camp for MSME loans on Monday. Through the said camp, MSME loans aggregating Rs 1,003 crore were sanctioned to 8,289 beneficiaries, which included Rs 55.42 crore (1,794 beneficiaries) under Pradhan Mantri Mudra Yojana (MUDRA) and Rs 35.04 crore (160 beneficiaries) under Stand-Up India Scheme," the lender said in a statement.

The lender claimed it has been offering "competitive rate of interest for MSME and retail loans" and has always endeavoured to offer its customers various products at attractive rates, adding in the process more than 5 million new customers during the last one year.

Total outstanding under retail credit as on December 31, 2017 stood at Rs 19,849 crore registering a year-on-year growth of 20.50 per cent from Rs 16,473 crore year-ago.

However, the bank posted a net loss of Rs 1,263.79 crore in the third quarter of 2017-18 due to higher provisions made for aging NPAs (non-performing assets) and NCLT (National Company Law Tribunal) referred accounts and also losses incurred in treasury operations during the quarter.